Auditor Report of Sashwat Technocrats Ltd.

Mar 31, 2014

1. We have audited the accompanying financial statements of SASHWAT TECHNOCRATS LIMITED (Formerly known as Zenzy Technocrats Limited) (the "Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss Account and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs in respect of section 133 of Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so require and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2014:

ii) In the case of the Statement of Profit and Loss, of the Loss for the year ended on that date.

iii) In case of Cash Flow Statement, of the cash flows for the year ended on that date.

Report on other Legal and regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order. However matters specified in clauses 1, 2, 13, 15, 18, 19, 20 of paragraph 4 of CARO, 2003 do not apply to the Company.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs in respect of section 133 of Companies Act, 2013.

e) On the basis of written representation received from the Directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2014, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

ANNEXURE TO AUDITOR''S REPORT

Referred to in paragraph 7 of Auditor''s Report of even date to the members of SASHWAT TECHNOCRATS LIMITED (Formerly known as Zenzy Technocrats Limited) on the financial statement for the year ended 31st March, 2014.

1. The Company does not have any fixed assets so the application of clauses 1(a), (b) and (c) does not arise.

2. The Company does not have any inventory so the application of clauses 2(a), (b) and (c) does not arise

3. The Company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act.

The other clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of the Order, are not applicable in the case of the Company for the current year, since in our opinion there is no matter which arises to be reported in the Order.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

7. The Company has formal internal audit system commensurate with its size and nature of its business.

8. Pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of subsection (1) of Section 209 of the Act; the same is not applicable to the company.

9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, no undisputed amount payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty were in arrears, as at 31st March, 2014 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income-tax, Wealth-tax, Service-Tax and Customs Duty which have not been deposited on account of any dispute.

10. The Company has no accumulated losses as at 31st March, 2014. The Company has not incurred cash losses in the financial year ended on that date and Rs. 15,623/- in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. In our opinion, the Company has maintained proper records of transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments during the year and timely entries have been made therein. Further, such securities have been held by the Company in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the above clause is not applicable to the Company.

16. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an overall basis, for the purposes for which they were obtained.

17. On the basis of an overall examination of the balance sheet of the Company, in our opinion, and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company has not issued any debentures during the year; and does not have any debentures outstanding as at the year end.

20. The Company has not raised any money by public issues during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For SARA & Associates Chartered Accountants Firm Registration No. 120927W

Sd/- (Manoj Agarwal) Partner Membership No. 119509 Mumbai.

Date: 30.05.2014

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Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Sashwat Technocrats Limited (the "Company"), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risk of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so require and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2013:

ii) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Report on other Legal and regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 (''the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the Order.

8. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representation received from the directors as on 31st March, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

ANNEXURE TO AUDITOR''S REPORT

Referred to in paragraph 7 of Auditor''s Report of even date to the members of Zenzy Technocrats Limited on the financial statement for the year ended 31st March, 2013

1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year.

2. There is no inventory; hence the same clause is not applicable.

3. The Company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act.

The other clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f) and (iii)(g) of the Order, are not applicable in the case of the Company for the current year, since in our opinion there is no matter which arises to be reported in the Order.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

7. The Company has formal internal audit system commensurate with its size and nature of its business.

8. Pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of subsection (1) of Section 209 of the Act; the same is not applicable to the company.

9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, no undisputed amount payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty were in arrears, as at 31st March, 2013 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income-tax, Wealth-tax, Service-Tax and Customs Duty which have not been deposited on account of any dispute.

10. The Company has no accumulated losses as at 31st March, 2013. The Company has incurred cash losses of Rs.15,623/- in the current financial year ended on that date and Rs. 2,43,585/- in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14. In our opinion, the Company has maintained proper records of transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments during the year and timely entries have been made therein. Further, such securities have been held by the Company in its own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the above clause is not applicable to the Company.

16. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an overall basis, for the purposes for which they were obtained.

17. On the basis of an overall examination of the balance sheet of the Company, in our opinion, and according to the information and explanations given to us, there are no funds raised on a short- term basis which have been used for long-term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company has not issued any debentures during the year; and does not have any debentures outstanding as at the year end.

20. The Company has not raised any money by public issues during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.



For S A R A & Associates

Chartered Accountants

Firm Registration No. 120927W





(Manoj Agarwal)

Partner

Mumbai, 30th May, 2013 Membership No. 119509

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Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. ZENZY TECHNOCRATS LIMITED (FORMERLY KNOWN AS BOMBAY POLYMERS LIMITED) as at 31st March, 2012, the Statement of profit and loss account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments referred to in paragraph (1) above, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet and profit and Loss Account dealt with by this report are in agreement with the books of accounts;

d) In our opinion, the Balance sheet and the Profit and Loss account comply with accounting standards referred to in sub- section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the written representation received from all the directors as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2012, from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

I. In the case of Balance Sheet - of the state of affairs of the company as at 31st March, 2012

II. In the case of the Statement of Profit and Loss Account of the Loss for the year ended on that date

III. In the case of Cash Flow Statement of the cash flows for the year ended on that date

Annexure to Auditors' Report (Referred to in Paragraph 3 of our report of even date)

As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we report that:-

1. The Company has maintained fixed assets register. We are informed that the management at the end of the year verified Fixed Assets and no material discrepancies were noticed on such verification. The company has not disposed of substantial part of fixed assets during the year hence; this does not affect the status of going concern.

2. There is no inventory in the company.

3. The Company has neither taken loan from nor granted any secured or unsecured loan to parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase and sale of goods including fixed assets.

5. In our opinion and according to the information and explanations given to us, no transaction of purchase and/or sale of goods, material and services has been made with the parties listed in the Register maintained u/s 301 of the Companies Act 1956.

6. The Company has not accepted any deposits from Public and therefore the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules 1975 are not applicable.

7. The Company does not have an internal audit system.

8. The Central Government has not prescribed maintenance of cost records under clause (d) of sub- section (1) of section 209 of the Companies Act, 1956.

9. The Company is regular in depositing undisputed statutory dues including Income tax, Service Tax, Wealth Tax and any other statutory dues with the appropriate authorities wherever applicable. There are no undisputed statutory dues outstanding for more than six months. There are no undisputed statutory dues.

10. The company is not a Sick Industrial Company within the meaning of Clause (O) of sub-section 1 of section 3 of the Sick Industrial Companies (Special Provision) Act, 1985.

11. The Company has not defaulted in payment of dues payable to any bank or financial institution.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other security.

13. The company is not a chit-fund, nidhi or mutual benefit society.

14. The Company has not dealt in shares, securities, debentures or other investments during the year.

15. As given to understand, the Company has not given any guarantee for loans taken by others from banks or other financial institutions.

16. The Company has not taken any loan from a bank or financial institution.

17. We have not come across a situation where funds raised on short term have been used for long term or vice-versa.

18. The company has not allotted any preferential shares to companies, firms or other parties listed in the Register maintained u/s 301 of the Companies Act 1956.

19. The company has not issued any debentures.

20. The company has not come out with public issue during the year.

21. No fraud was noticed or reported on or by the company during the year.

FOR SARA & ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No. 120927W

Sd/- (MANOJ AGARWAL) PARTNER Membership No. 119509 PLACE : Mumbai DATE : 30th May, 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of M/S. ZENZY TECHNOCRATS LIMITED (Formerly Bombay Polymers Ltd.) as at 31st March, 2011 and also the annexed Profit & Loss Account of the Company for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Reports) Order, 1988 issued by the Central Govt, of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956. We enclose in the annexure statement on the matters specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far, as appears from our examination of those books.

(iii) The Balance Sheet dealt with by this report is in agreement with the books of account;

(iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (a) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011

AND

(b) In the case of the Profit and Loss Account, of the Loss for the year ended on that date.

1. a) The Company has generally maintained proper records showing full particulars including Quantitative details and situation of the fixed assets.

b) As per the information and explanations given to us, the management at reasonable intervals has physically verified the fixed assets and no discrepancies were noticed on verification during the year, in our Opinion the frequency of Physical verification of fixed assets is reasonable having regard to the size of the Company and the nature of the Assets.

c) During the year, Company has sold the Car for Rs 17 Lakhs, except this,. No other Fixed Assets were disposed by the Company

2. Point (a), (b), & (C) are not applicable to the Company.

3. a) The company has granted an interest free loans secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, sub-clause (b), (c), & (d), are not applicable.

b) The company has not taken interest bearing loans during the years.

c) The Point is not applicable to the Company.

d) The Point is not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of services. During the course of audit no major weakness has been noticed in the internal controls.

5. a) To the best of our knowledge and belief and according to the explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section

b) The Transaction made in pursuance of such contract or arrangement has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us the company has not accepted deposit from public.

7. In our Opinion the company has an internal Audit system commensurate with its size and nature of its business.

8. To the best of our knowledge and according to the information given to us, Central government has not prescribe the maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956, for any of the products dealt in by the Company.

9. According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues with the appropriate authorities. There are ho arrears of outstanding statutory dues outstanding as on 31st March 2011 or a period of more than six months from the date they become payable.

10. The Company dose not has any accumulated losses as at 31st March 2011. The Company has not incurred cash losses during the year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from Financial institution and banks. Therefore, Company has not defaulted in the repayment of dues to financial institution and banks.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture and other securities.,

13. The Company is not a chit fund or a nidhi/mutual benefit fund /society. Therefore the provisions of clause (xiv) of paragraph 4 of the order are not applicable.

14. in our opinion. Company is not dealing in or trading in shares, Securities, debentures and other investments. Therefore, the provision of clause (xiv) of paragraph 4 of the order is not applicable.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, in our opinion, short term funds have been used for short term purposes and long term funds have been used for long term purposes other than temporary funds held in bank/other avenues.

17. During the year, Company has not made any preferential allotment of shares to the persons covered in the register maintained under section 301 of the Act.

18. According to the information and explanations given to us, the company has not issued any secured debentures during the years.

19. The Company has not raised any money by public issue during the year.

20. Based upon the audit performed and according to the information and explanations given to us by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit,

FOR PARAG K. SHAH & CO.

Chartered Accountant

PARAS K. SHAH (Proprietor)

Place : Mumbai

Date : 30th May, 2011

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Mar 31, 2010

We have audited the attached Balance Sheet of M/S. ZENZY TECHNOCRATS LIMITED (Formerly Bombay Polymers Ltd.) as at 31st March, 2010 and also the annexed Profit & Loss Account of the Company for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted in India These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Reports) Order, 1988 issued by the Central Govt, of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956. We enclose in the annexure statement on the matters specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far, as appears from our examination of those books.

(iii) The Balance Sheet dealt with by this report is in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (a) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010

AND

(b) In the case of the Profit and Loss Account, of the Loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 PF THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF ZENZY TECHNOCRATS LTD (FORMERLY BOMBAY POLYMERS LTD)

1. a) The Company has generally maintained proper records showing full particulars including Quantitative details and situation of the fixed assets.

b) As per the information and explanations given to us, the management at reasonable intervals has physically verified the fixed assets and no discrepancies were noticed on verification during the year. In our Opinion the frequency of Physical verification of fixed assets is reasonable having regard to the size of the Company and the nature of the Assets.

c) During the year, in our opinion, a substantial part of the fixed assets has not been disposed off by the Company.

2. Point (a), (b), & (C) are not applicable to the Company.

3. a) The company has granted an interest free loans secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, sub- clause (b), (c), & (d), are not applicable.

b) The company has not taken interest bearing loans during the years.

c) The Point is not applicable to the Company.

d) The Point is not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of Inventory and fixed assets and for the sale of services. During the course of audit no major weakness has been noticed in the internal controls.

5. a) To the best of our knowledge and belief and according to the explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section

b) The Transaction made in pursuance of such contract or arrangement has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us the company has not accepted deposit from public.

7. In our Opinion the company has an Internal Audit system commensurate with its size and nature of its business.

8. To the best of our knowledge and according to the information given to us, Central government has not prescribe the maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956, for any of the products dealt in by the Company.

9. According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues outstanding as on 31st March 2010 or a period of more than six months from the date they become payable.

10. The Company dose not has any accumulated losses as at 31st March 2010. The Company has not incurred cash losses during the year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from Financial Institution and Banks. Therefore, Company has not defaulted in the repayment of dues to financial institution and banks.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture and other securities.,

13. The Company is not a chit fund or a nidhi/mutual benefit fund /society. Therefore the provisions of clause (xiv) of paragraph 4 of the order are not applicable.

14. In our opinion. Company is not dealing in or trading in shares, Securities, debentures and other investments. Therefore, the provision of clause (xiv) of paragraph 4 of the order is not applicable.

15. The Company has not given any guarantee for loans taken by others from banks or financial institution.

16. According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, in our opinion, short term funds have been used for short term purposes and long term funds have been used for long term purposes other than temporary funds held in bank/other avenues.

17. During the year, Company has not made any preferential allotment of shares to the persons covered in the register maintained under section 301 of the Act.

18. According to the information and explanations given to us, the company has not issued any secured debentures during the years.

19. The Company has not raised any money by public issue during the year.

20. Based upon the audit performed and according to the information and explanations given to us by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For PARAG K. SHAH & CO. (Chartered Accountant)

Sd/- PARAG K. SHAH (Proprietor)

Place : Mumbai Date : 13.05.2010 M. No. : 101198